AAC Technologies 2018

Re: AAC Technologies 2018

Postby winston » Wed May 20, 2020 11:46 am

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C Suisse Cites AAC TECH: Limited Impact from Huawei Ban; to Meet 2Q Optics GM Target of 30%

AC TECH (02018.HK)'s management saw limited impact from the US side's Huawei ban, adding China's 5G buildout was on track, cited by Credit Suisse.

While the restrictions will mainly affect its precision mechanics business, AAC TECH's overall strategy will not be changed by the Huawei incident.

The firm was confident in meeting its 30% optics GM target for 2Q20, while modelling the 2H20 ASP at around RMB4-4.5.

C Suisse: AAC TECH (02018.HK) 1Q20 Results In-line with Guidance

Overall, AAC TECH was kept at Neutral, with a target of $47.3.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Wed May 20, 2020 11:53 am

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<Research Report>HSBC Global Research Hikes AAC TECH (02018.HK) TP to $56; Rated Buy

AAC TECH (02018.HK)'s 1Q20 results aligned with previous guidance, mentioned HSBC Global Research.

While optics revenue slipped 28% QoQ, the firm's gross margin stayed at 9% on seasonality, indicating improvement in both efficiency and yield.

The broker was upbeat on AAC TECH's optics unit and expected a recovery in its acoustic and haptics gross margins.

Overall, AAC TECH was kept at Buy, with target lifted from $51.2 to $56.

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Thu Aug 26, 2021 12:05 pm

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Brokers' Post-result Ratings, TPs, Views on AAC TECH (02018.HK) (Table)

Brokers│Ratings│TPs (HKD)
Goldman Sachs │Buy│66
CMSI│Buy│63
BofA Securities│Buy│64.5→60
Credit Suisse│Outperform│63.1→59.2
Nomura│Neutral→Buy│48→54.2
Daiwa│Outperform│51→52.5
Haitong International│Neutral│50→48
Guotai Junan International│Neutral│46.8
Citigroup│Neutral│46→45

Brokers│Views
Goldman Sachs│2Q result in line; fundamentals predicted to have reached the bottom in last quarter
CMSI│2Q result misses due to seasonality but optics business remains positive driver
BofA Securities│Quarterly result in line; iPhone orders to be key factor for 3Q result
Credit Suisse│2Q result in line; optimistic on recovery outlook over 2H
Nomura│2Q result misses but sees preliminary recovery signs; upgrades rating
Daiwa│Slowdown in near-term performance provides an optimal intervention point
Haitong International│2Q gross profit misses
Guotai Junan International│Negative factors of Vietnam factories to persist till 3Q; acoustics business estimated to be hampered in 2H
Citigroup│2Q GPM misses

AAC TECH Interim NP Leaps Almost 1.9x to RMB920M; Interim DPS HKD0.2

Source: AAStocks Financial News
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Re: AAC Technologies 2018

Postby winston » Fri Aug 27, 2021 10:11 am

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GPM pressure could persist in FY21-22F

2Q21 net profit rose 45% yoy, still 22%/12% below our/Bloomberg
consensus, due to weak GPM recovery in acoustic and optic segments.

We are less positive on GPM recovery in FY21F/22F due to the slow specupgrades in acoustic and aggressive pricing strategy in optics business.

We downgrade AAC from Add to Hold. Our TP is lowered to HK$46.94.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... BCE056A374
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Re: AAC Technologies 2018

Postby winston » Fri Oct 08, 2021 9:53 am

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AAC - SELL (Negative profit warning)

AAC Technologies’ profit warning indicates 3Q21 profit will decrease 51-61% YoY to Rmb166m-210m, about 65% below Bloomberg consensus.

The company attributed this to a lower FX gain versus 3Q20, the Covid-disrupted global supply chain, operation cost increases in China, and delays/cancellation of a Chinese customer’s phone models due to the integrated circuit (IC) shortage.

We expect supply disruption, material cost issues and the IC shortage to continue.

We downgrade from Outperform to SELL and cut our target price from HK$50.60 to HK$30 on lowered 2022 earnings estimates and a lower applied PE.

Source: CLSA
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Re: AAC Technologies 2018

Postby winston » Fri Oct 08, 2021 9:53 am

not vested

AAC - SELL (Negative profit warning)

AAC Technologies’ profit warning indicates 3Q21 profit will decrease 51-61% YoY to Rmb166m-210m, about 65% below Bloomberg consensus.

The company attributed this to a lower FX gain versus 3Q20, the Covid-disrupted global supply chain, operation cost increases in China, and delays/cancellation of a Chinese customer’s phone models due to the integrated circuit (IC) shortage.

We expect supply disruption, material cost issues and the IC shortage to continue.

We downgrade from Outperform to SELL and cut our target price from HK$50.60 to HK$30 on lowered 2022 earnings estimates and a lower applied PE.

Source: CLSA
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